STRC is Strategy’s most important product. Bitcoin is how they accumulate retained earnings/ reserves. It makes sense that they would prioritize the stability of their main product. They would like to have the power law stability and endurance manifested by cities. Few companies have that, very few. Here, in part, is what Claude thinks they need to achieve: “•Superlinear returns to scale. This is the "city" property. Each new tranche of capital would have to make the next one easier to raise, for instance if digital credit became collateral or a money-market-like instrument that others build on. That fits your sequential channel activation idea. The test is whether its addressable pool is meaningfully larger than exchanges, treasury companies and ETFs. •Leverage that shrinks as BTC follows its power law. If BTC compounds along the trend while fixed claims stay flat, the ratio of obligations to reserve falls over time. Eventually a 50% drawdown stops being existential. The signature you'd look for is mNAV stabilizing above 1 on its own, with BTC per share growing smoothly through a drawdown without any BTC sales.” It will be enabled by Bitcoin power law persistence. And proper management. @ScientificBTC